Parish Financial Report 2010-2014

Parish Financial Report 2010-2014

June 6, 2013

Dear Parishioners,

The Parish Finance Council, which includes me, Gerry Corriveau, David Brennan, Gladys Griffin, and David Vise met recently in order to survey the parish expenditures and revenues with the goal of presenting a four-year revenue and expense comparison for 2010-2014 and budget for 2013-2014. I am very grateful for their wisdom and assistance in preparing this report. But remember: all mistakes are mine!
Please note that the years listed below are “fiscal years”: July 1, 2010 – June 30, 2011; and July 1, 2011 – June 30, 2012. I hope to submit an additional report for July 1, 2012 - June 30, 2013 soon after the end of this fiscal year.

Revenues

Parish revenues grew at a slow rate in the first two years covered, and then made a significant increase in 2012-2013. Below are compared the last three fiscal years, as well as a projection for 2013-2014. These numbers represent the “after tithing” amounts, that is, they are 90% of the actual numbers. The reason for giving you these numbers is that because of our tithing program 10% of the offertory always goes outside of the parish; the 90% that is left is what we really have to work with. The third column includes what we believe will be our revenues for 2012-2013 (once we complete the fiscal year on June 30). The fourth column is the projected revenues for 2013-2014. During the summer we will publish a subsequent report and give the final revenue numbers for 2012-2013.

Category

2010-2011

2011-2012

Projected
2012-2013

Projected
2013-2014

Offertory

$228,558

$233,291

$260,000

$265,000

Flowers

860

1,360

1,400

1,400

Sacramental

5,155

5,696

5,000

5,000

Gifts and Bequests

33,8661

4,408

12,000

12,000

Religious Education

13,700

14,004

9,000

9,000

Donations - Other

2,330

2,745

500

500

Interest Income

149

0

42

50

Fundraising

49,8062

71,0913

31,000

30,000

TOTAL

$334,424

$332,596

$318,942

$322,950

1In 2010-2011, we had a large bequest form the estate of Fr. Gilmartin, our dearly departed former pastor, which is why the "Gifts and Bequests" category is abnormally high2That year, we also raised a lot of money for the re-surfacing of the parking lot3In 2011-2012, we raised a large amount of money for our new organ (the older one, which had been a gift from St. Blaise Parish, having gone to organ heaven)

Ultimately we rely on the inspiration that God gives the good people of this parish to provide for the revenue that St. Brendan’s needs to conduct its mission. Since we do not have any “Grand Annual” or “Fuel” or “Monthly” collections it is important that we remember the importance of the offertory collection each week. If all parishioners each year budget a certain portion of their family’s income for religious and charitable purposes, we are sure at St. Brendan’s to have a sufficiency from such sacrificial giving or “tithing” in order to carry out our mission of spreading the gospel and doing works of charity.

We live in tough economic times, and I know that some have lost their jobs or have had their salaries or hours decreased. Yet parishioners have continued to give generously and I expect the offertory totals to show a modest increase this coming fiscal year. This is needed because our costs have continued to increase. If we have an average of $5,500 each week in the offertory then we will be in good shape. Please know that we try to use your contributions in the best way possible. You will never expect me to say that you give too much! But please know that those who can increase their giving might consider doing so now. It might surprise you to know that every week over 25% of our offertory is covered by less than a dozen families.

You may be able to help to increase the revenues of the parish without any extra donation on your part if your employer has a “matching grant” program which could be taken advantage of. Such matching donation programs benefit many charities and could benefit us. It would also be a great memory to your participation in our parish’s life if you would remember St. Brendan’s in your will. Such non-restrictive memorials can be quite beneficial to the future of the parish.

Parish Savings

Our financial goals in the last seventeen years that I have been pastor have been to, 1) conduct our worship and religious education programs in a way that nurtures our Catholic Faith; 2) add programs or apostolates that are seen as adding to the spiritual growth of our parish; 3) pay off the mortgage; 4) do the necessary repairs and upgrades in our parish buildings; and 5) increase the pay of our employees. #1 is of first importance, and the others are of more or less equal value. (Of course # 3 was accomplished many years ago!)

It has not been a significant goal to increase our savings, except insofar as a temporary raise in savings has from time to time allowed us to fulfill the other goals and plan for future improvements. Future improvements will include painting the inside of the church, getting new kneelers, and re-shingling the roofs of the church and parish hall (it is now twenty years since they have been done – they will not last forever!). We are hoping this summer to change over to gas from oil for the heating of the church, and to drill our own well. This will save us significant money, probably halving our heating costs in the winter. It may be necessary to draw down some of our savings for these projects, but I think that we are well placed to pay most of the estimated cost of $15,000 through our regular summer revenue and the surplus that we have presently in the checking account. All of our accounts are in Milford National Bank. As of July 1, 2010 we had $65,438.30, as of July 1, 2011 we had $20,977.42 (we took money out to re-surface the parking lot), as of July 1, 2012, we had $31,006.09 and as of June 1, 2013 we have $40,035.56.

Expenditures

Though we are the House of God, most parish expenditures are not for hosts, wine, candles, and vestments, but rather are for the same sorts of things that are necessary for a family home or a small business: utilities, maintenance, insurance as well as employee compensation and benefits.

Below you will find the real expenses of the last two fiscal years, along with the projected expenses for the present fiscal year:

Category

2010-2011

2011-2012

Projected
2012-2013

Projected
2013-2014

Central Ministry Tithe

$0

$21,660

$25,000

$26,000

Clergy Pay and Benefits

39,111

36,440

34,700

36,000

Clergy Health Insurance

17,800

16,800

16,800

16,800

Rectory Household

5,637

6,382

6,500

6,500

Employee Pay

92,090

89,964

95,000

95,000

Employee Benefits

3,096

2,792

3,750

4,000

Professional Fees and Charges

642

310

550

600

Office Costs

7,178

5,616

8,400

6,500

Books, Printing and Pamphlets

13,465

16,222

14,500

12,000

Telephone, Heat and Utilities

27,719

24,934

25,000

21,000

Parish Insurance and Liability

7,702

8,148

8,500

8,500

Meetings and Workshops

5,395

4,712

5,100

5,000

Pastoral/Liturgical

29,778

38,781

43,500

40,000

Maintenance

15,167

19,827

16,400

16,500

Acquisitions and Improvements

95,070

19,245

2,000

17,000

Miscellaneous

301

492

500

500

Fundraising

1,692

1,707

1,500

1,500

School Tax

4,066

0

0

0

Hospital Chaplaincy Tax

3,108

0

0

0

Added to Savings

0

0

11,000

10,050

TOTAL

$369,017

$314,032

$318,700

$323,450

Clergy Pay and Benefits: This category includes the compensation for the pastor, as well as all visiting priests and bishops. Hence if a priest says Mass, or preaches during our Immaculate Conception Novena, or offers a parish mission, his stipend is included here. Also, the bishop who confirms our children receives a large stipend that is included in this line item.

The pay for priests is set by the Archdiocese, and the amount increases with the priest’s seniority. The pay for a priest of Father Mullen’s seniority is $35,830 as of July 1, 2013. Fr. Mullen only takes 90% and so in effect tithes back 10% to the parish. He has done this for his entire tenure as pastor at St. Brendan’s. Priests were instructed to declare $7,200 for their room and board for Social Security purposes, for this affects the Social Security Tax that they pay. (Yes, priests pay income taxes and are considered to be self-employed. The heaviest tax burden on the priest is the Social Security tax. The health insurance for the pastor has become quite expensive. This insurance is through Tufts Medical and is determined by the Archdiocese for all priests.

Employee Pay and Benefits:Over the last couple of years we have not been able to increase the pay of our faithful and dedicated employees. They work hard and are not well paid, but the present economic slowdown makes it impossible to have any more pay increases for the foreseeable future.

Central Ministry Tithe:This is a new category that includes the “school tax”, the “cathedradicum”, the “hospital chaplaincy tax”, and other such things. It is paid monthly to the Archdiocese, as well as insurance costs, by way of electronic withdrawal.

Books, Fees and Printing:This category covers religious education texts, bulletin inserts, flyers for the Fall Fair, etc. The prices of the religious education books can rise or fall according to the series we use, when we change series, or when there is a significant change in the number of children at each grade level.

Pastoral/Liturgical:At least half of this category every year represents what we spend on our excellent music program. We should realize that most of our musical talent is offered to the parish without any renumeration.

Maintenance:In the spring 2010 we spent a lot of money on taking down some trees that were weak and threatening the parish hall.

Acquisitions and Improvements: The large number for 2010-2011 mostly represents the cost of re-surfacing the parking lot. Most of this category for 2011-2012 also represents the parking lot costs, especially the lighting of the parking lot (the project was not finished by the close of the 2010-2011 fiscal year, but was carried over into the next one. The number for 2013-2014 represents the projected costs of switching from oil to gas heat in the church and the drilling of our own well.

Parish Financial Report 2009 - 2010

Parish Financial Report 2009-2010

January 16, 2010

Dear Parishioners,

The Parish Finance Council, which includes me, Rita Badzmierowski, William Bissonnette, Gerry Corriveau, David Brennan, and Gladys Griffin met this summer in order to survey the parish expenditures and revenues with the goal of presenting a three year revenue and expense comparison (previously published) and a financial report and budget for 2009-2010. I am very grateful for their wisdom and assistance in preparing this report. But remember: all mistakes are mine!
Please note that the years listed below are “fiscal years”: July 1, 2007 – June 30, 2008; and July 1, 2008 – June 30, 2009; and the projections for July 1, 2009 – June 30, 2010.

Revenues

Parish revenues have continued to grow. Below are compared the last two fiscal years. These numbers represent the “after tithing” amounts, that is, they are 90% of the actual numbers. The reason for giving you these numbers is that because of our tithing program 10% of all revenue categories always go outside of the parish; the 90% that is left is what we really have to work with. The third column includes what we believe will be our revenues for 2009-2010.

Category

2007-2008

2008-2009

2009-2010
(proj.)

Offertory

$206,631

$231,748

$235,000

Flowers

1,006

1,234

1,200

Sacramental

6,388

6,368

6,400

Gifts and Bequests

3,802

4,390

9,000

Books and Pamphlets

1,305

40

150

Religious Education

16,274

15,160

15,000

Donations - Other

1,825

270

1,000

Interest Income

340

215

250

Fundraising

47,772

27,004

27,000

TOTAL

$285,343

$286,429

$295,000

It is quite obvious from the above that our offertory grew from ’07-’08 to ’08-’09, although the final revenue totals are almost exactly the same for both years because ’07-’08 was an extraordinary year in fundraising (mostly because of the funds raised for the installation of air conditioning in the church). Most of the funds in the “fundraising” category come from the Fall Fair. When we have a good result from the Fall Fair, we have a good financial year.

Ultimately we rely on the inspiration that God gives the good people of this parish to provide for the revenue that St. Brendan’s needs to conduct its mission. Since we do not have any “Grand Annual” or “Fuel” or “Monthly” collections it is important that we remember the importance of the offertory collection each week. If all parishioners each year budget a certain portion of their family’s income for religious and charitable purposes, we are sure at St. Brendan’s to have a sufficiency from such sacrificial giving or “tithing” in order to carry out our mission of spreading the gospel and doing works of charity.

We live in tough economic times, and I know that some have lost their jobs or have had their salaries or hours decreased. Yet parishioners have continued to give generously and I expect the offertory totals to show a modest increase this fiscal year. This is needed because our costs have continued to increase. If we have an average of $5,000 each week in the offertory then we will be in good shape. Please know that we try to use your contributions in the best way possible. You will never expect me to say that you give too much! But please know that those who can increase their giving might consider doing so now. It might surprise you to know that every week over 25% of our offertory is covered by less than a dozen families.

You may be able to help to increase the revenues of the parish without any extra donation on your part if your employer has a “matching grant” program which could be taken advantage of. Such matching donation programs benefit many charities and could benefit us. It would also be a great memory to your participation in our parish’s life if you would remember St. Brendan’s in your will. Such non-restrictive memorials can be quite beneficial to the future of the parish.

Parish Savings

Our financial goals in the last thirteen years that I have been pastor have been to, 1) conduct our worship and religious education programs in a way that nurtures our Catholic Faith; 2) add programs or apostolates that are seen as adding to the spiritual growth of our parish; 3) pay off the mortgage; 4) do the necessary repairs and upgrades in our parish buildings; and 5) increase the pay of our employees. #1 is of first importance, and the others are of more or less equal value. (Of course # 3 was accomplished many years ago!)

It has not been a significant goal to increase our savings, except insofar as a temporary raise in savings has from time to time allowed us to fulfill the other goals. I hope that this year will be one in which we can add significantly to what we now have in savings, which is very modest. Such added savings (see the projected savings under “expenditures”) will both be a cushion against worse economic time in the future, and if there is an upturn, enable us to resurface our parking lot. Major projects (such as re-surfacing the parking lot) would be paid for from our savings, or through a special fundraising effort. All of our accounts are in Milford National Bank. As of July 1, 2008 we had $55,609.96 in our savings account, and as of July 1, 2009 we had $54,778.56. On January 1, 2010 we had $62,848.30.

Expenditures

Though we are the House of God, most parish expenditures are not for hosts, wine, candles, and vestments, but rather are for the same sorts of things that are necessary for a small business, and a family home: utilities, maintenance, insurance as well as employee compensation and benefits.

Below you will find the real expenses of the last two fiscal years compared and the projected expenses for the present fiscal year:

Category

2007-2008

2008-2009

2009-2010
(proj.)

2008-2009
relative to
2007-2008

2009-2010
relative to
2008-2009

2009-2010
relative to
2007-2008

Clergy Pay and Benefits

$35,170

$35,397

$36,000

0.6%

1.7%

2.4%

Clergy Health Insurance

9,250

11,047

12,000

19.4%

8.6%

29.7%

Rectory Household

4,948

6,321

5,000

27.7%

-20.9%

1.1%

Employee Pay

90,183

94,092

95,000

4.3%

1.0%

5.3%

Employee Benefits

2,982

5,473

7,500

83.5%

37.0%

151.5%

Professional Fees and Charges

1,163

84

4,600

-92.8%

19.0%

-91.4%

Office Costs

7,557

7,737

8,000

2.4%

3.4%

5.9%

Books, Printing and Pamphlets

10,561

17,479

15,000

65.5%

-14.2%

42.0%

Telephone and Utilities

29,896

26,109

28,000

-12.7%

7.2%

-6.3%

Parish Insurance and Liability

7,675

6,979

7,000

-9.1%

0.3%

-8.8%

Meetings and Workshops

3,582

760

1,000

-78.8%

31.6%

-72.1%

Pastoral/Liturgical

37,875

32,135

35,000

-15.2%

8.9%

-7.6%

Maintenance

8,369

6,322

7,300

-24.5%

15.5%

-12.8%

Acquisitions and Improvements

15,460

22,937

10,200

48.4%

-55.5%

-34.0%

Miscellaneous

651

100

600

-84.6%

500.0%

-7.8%

Fundraising

2,439

2,011

2,200

-17.5%

9.4%

-9.8%

Cathedradicum

2,000

2,000

2,000

0%

0%

0%

Hospital Chaplaincy Tax

2,388

2,600

2,600

8.9%

0.0%

8.9%

Savings

0

0

16,000

-

-

-

TOTAL

$272,149

$279,583

$295,000

2.7%

5.5%

8.4%

Clergy Pay and Benefits: This category includes the compensation for the pastor, as well as all visiting priests and bishops. Hence if a priest says Mass, or preaches during our Immaculate Conception Novena, or offers a parish mission, his stipend is included here. Also, the bishop who confirms our children receives a large stipend that is included in this line item. (Note: our parish friend Fr. Corcoran receives no compensation from St. Brendan’s. He is given some Mass stipends as they are available.

Starting in July of 2007 the Archdiocese of Boston changed the way in which priests are compensated and at the same time significantly increased said compensation. Previously, the priest was paid his stipend and was reimbursed for things such as clerical clothing, car mileage, professional books, personal vestments etc. As of July 1, 2007 the reimbursements were dropped and the pay was increased. Also, priests were instructed to declare significantly more for their room and board for Social Security purposes, and so the priest’s compensation was raised in order to cover the increased taxes he would have to pay. (Yes, priests pay income taxes and are considered to be self-employed. The heaviest tax burden on the priest is the Social Security tax. The value of the “room and board” at the rectory has to be declared and so the SS tax is thus higher.) Of course, Fr. Mullen continues his practice of tithing back over 10% of his income to the parish.

Clergy Health Insurance: The health insurance for the pastor has become quite expensive. This insurance is through Tufts Medical and is determined by the Archdiocese for all priests.

Employee Pay: Over the last ten years we have been able to increase the pay of our faithful employees. They work hard and are not well paid; hence we have tried to be more just to them. The present economic slowdown makes it impossible to have any more pay increases for the foreseeable future.

Professional Fees and Charges: This enormous amount includes the $4,500. charge for the “internal audit” that is imposed on every parish every three years.

Books, Fees and Printing: This category covers religious education texts, missalettes, etc. The price can rise or fall according to the series we use, when we change series, or when there is a significant change in the number of children at each grade level.

Maintenance: This category covers maintenance contracts for the heating and air conditioning systems, but also repairs that have to be made. Also included are the lawn care, the sprinkling system, and the yearly trimming of our tremendous shrubbery.

Acquisitions and Improvements: The significant rise in acquisitions in the last two fiscal years is because of the cost of the air conditioning system. Some of the final bills were carried over until 2008-2009.

Hospital Chaplaincy Tax: This is a new fee that every parish pays in order to have priests cover all the hospitals in the area of the Archdiocese. It was started in the 2006-2007 fiscal year.

New Financial Relationship

The Archdiocese of Boston is planning to combine a number of revenue sources from the parishes (cathedradicum, school tax, communications collection, etc.) into one Archdiocesan Tax. This is the so-called “New Financial Relationship” between the Archdiocese and the parishes. For the parishes that fulfill their responsibilities it is supposed to be a “wash”. The effect on our parish will be this: since the “school tax” will have to be paid to a central fund we will no longer be able to help all the young people that we presently assist in Catholic Schools. This will not affect the students we assist through our parish scholarship program. As the proposal develops you will be provided with more information.

I submit this report to you, the parishioners of St. Brendan Parish.

Father Mullen

Highest Weekly Offertories

Below is the list, as of 12/31/2009, of 25 highest weekly offertories in the history of the parish. These are "pre-tithing" numbers. The shaded rows indicate those that occurred last year, 2009